Finding the funds to obtain higher education is a task. While student loans help you get started with your higher education journey, they put you in debt as soon as you graduate. A co-op program as a part of the degree can help fresh graduates tackle student debt more effectively.  

Co-operative education (co-op) is a structured method of combining classroom-based education with practical work experience. A cooperative education experience, commonly known as a "co-op", provides academic credit for structured job experience, and is taking on new importance in helping young people to make the school-to-work transition. The University of Waterloo in Canada embraced co-operative education 60 years ago, combining academic studies with work experience to aid aspiring engineers. In the 2000s, Waterloo partnered with what is now called Blackberry Limited, formerly Research in Motion, maker of the Blackberry device, to hire and train students in hopes they would become employees after graduation. 

Apart from providing academic credits, a co-op program offers multiple fold benefits such as: 

Supplements Tuition Fees 

Co-op programs let a student earn fair wages which can be used to cover the college expenses to some extent. This can also contribute to reducing student debt upon graduation. Though the income earned is not a huge sum, the combination of work experience and pay essentially increases the earning potential by increasing future employability. Besides, if you have sound knowledge of investments, you can further earn returns on your earnings. Something to think about! 

Develop Professional Skills  

Being a part of your curriculum, co-op gives you a chance to bring classroom learning to reality. You can test your knowledge and fine-tune it to industry standards even before you start your professional career. Moreover, you can gain a wide variety of skills, insights, and knowledge that make you highly competitive when you reach the professional stage. While other competitors have only had theoretical knowledge of their field of study, you will have already had real-world experience. 

You also gain a sense of work ethic and industriousness that you can’t solely get from standard classroom education. This will help improve your productivity in academia too. 

Increases Employability 

Co-op work experience enhances your employability factor. Companies constantly seek fresh talent with new insights and thought processes to outperform their competitors. With relevant and substantial work experience on your resume, employers are not just assured of your theoretical knowledge but also your passion for your profession is highlighted.  

Even better, some data indicates that students who graduate with co-op experience tend to start jobs at a higher salary because they enter the workforce with more experience. 

Improves Job Search Skills 

Like any other job, a co-op requires you to go through the same recruitment process as a normal job. Right from searching for a placement, building resumes, and getting through the interview process to finally being hired, co-op refines your job search skills at each stage. After finishing your co-op, you are more acquainted with the industry requirements and how to present your skills to future recruiters. Defynance offers a pool of job search resources to best assist our income-driven student loan refinancing customers and job seekers at large.  

Professional Networking 

As you are not restricted to the classroom setup of learning, there are higher chances of meeting more and more professional acquaintances beyond the student community. We cannot oversell the importance of professional networking. This network is not limited to peers but extends to mentors who can guide you in your professional career on a long-term basis. Also, peers who disperse to work for other companies can be a good source of reference when it comes to job search.  

Though co-ops are gaining popularity thanks to their known benefits, they still need to be established as a measure of reducing student debt. Students can be provided with financial education before signing up for student loans to make well-informed decisions.  

Make sure to check out this compiled list of Top Colleges with Co-Op Programs by AdmissionSight. 

This week, Atlanta witnessed the southeast’s largest event dedicated to financial innovation, Fintech South 2022. I welcomed the opportunity to attend and represent Defynance as a market analyst with our Founder and CEO Farrukh Siddiqui.

Produced by the Technology Association of Georgia (TAG), Fintech South is a global exchange of insights, innovations, and trends fueling the future of the financial technology industry. The event brought together more than 1,500 senior leaders from across the fintech ecosystem, including stakeholders from the payments industry, banking, wealth management, insurance, retail, commerce, government, regulatory, venture capital, startups, technology service providers, and non-profits along with local, national, and international media.

This year, the event was based on three main pillars: Evolution, Responsibility, and Opportunity. Attendees were able to participate in excellent panel discussions on the most trending topics of the fintech industry addressing various upcoming challenges and potential solutions focused on industry growth, innovations, and ways to further enhance customer experience. The breakout sessions were designed to take deeper dives focusing on Payments and Regulations, Fintech and Banking future, Fintech and Gaming, Digital Health + Fintech, Sustainability, and many more intriguing topics. 

Apart from being a source of knowledge sharing and transfer, the event was an excellent hub for networking and making new introductions or meeting old friends and team members to share insights. Everyone was quite excited to get away from their screens and have in-person conversations after doing video conferences for over two years. 

For me, I had an amazing opportunity to connect with our existing stakeholders and meet excellent professionals like Romain Lhéritier, Sarah Woodward, and Susanne Turnbo to name a few. I hope to continue the conversation with them in the future to continue exploring mutually beneficial synergies.  

I also had the chance to visit and learn about the companies in Innovation Alley by visiting their tables.  For instance, I met Jeff Bond whom I should thank for interviewing Farrukh and me about how our work aligns with Conscious Capitalism, a movement he backs. Through his thoughtful questions, he let us explain the purpose behind Defynance, our values, and how we wish to free the American workforce from student debt. 

I have to also mention the Innovation Challenge where Fintech South recognizes innovative fintech startups with ties to Georgia. Selected startups were provided with mentoring and an opportunity to present their ideas to the fintech community and most importantly pitch to their potential investors. In the end, the startup with the best idea was awarded a non-dilutive cash prize of $25,000. 

Our company, Defynance was one of seven Innovation Challenge startups but due to our founder’s prearranged travel, he has not able to pitch live during the judging session, so we didn’t qualify to compete in the top 3.  Farrukh did, however, pitch to investors during day one of Fintech South along with the rest of the Innovation Challenge companies.  Congratulations to Arcum Partners, the winner of the Innovation Challenge! 

Overall, it was a huge learning experience, and I would like to thank Farrukh for presenting me with the opportunity to participate in my first industry conference.  It was a blast and a great learning experience.